China-US trade war: Global shares recoil, oil skids to two-week low

LLB Reporter

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Global shares recoiled and oil prices fell sharply today after China said it might impose tariffs on a number of US goods including agricultural products.

The world’s largest importer of raw materials hit back at the Trump administration’s plan to levy tariffs on $50bn of its goods.

After a flat open, European markets fell sharply like Germany’s DAX fell 1.1 per cent to 11,867, while France’s CAC 40 was down 0.7 per cent at 5,114. The FTSE 100 index was 0.4 per cent lower at 7,003.

Wall Street is also poised for big losses as the Dow Jones Industrial Average plunged 506.2 points to 23,527.15 in early trading. The S&P 500 also slid 40.5 points to 2,576.43.

Brent crude fell $1.07 to $67.05 a barrel, down 5 per cent so far this week.

Meanwhile, president Donald Trump has denied today that the US was in a trade war with China.

 

 

 

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